Nasdaq Down 50 Points; US Home Price Index Rises In February

U.S. stocks traded mostly lower this morning, with the Nasdaq Composite dropping around 50 points on Tuesday.

Following the market opening Tuesday, the Dow traded down 0.01% to 33,872.34 while the NASDAQ fell 0.45% to 11,983.04. The S&P 500, also fell, dropping, 0.36% to 4,122.01.

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Leading and Lagging Sectors

  • Consumer staples shares rose by 0.2% on Tuesday. Meanwhile, top gainers in the sector included Steakholder Foods Ltd. STKH, up 3%, and Moolec Science SA MLEC, up 2%.
  • In trading on Tuesday, energy shares dipped by 1.5%.
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  • Top Headline

  • The S&P CoreLogic Case-Shiller 20-city home price index rose 0.4% year-over-year in February, recording the smallest growth since 2012, and versus a 2.6% increase in January.
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  • Equities Trading UP

  • Petros Pharmaceuticals, Inc. PTPI shares shot up 34% to $5.13.
  • Shares of CXApp Inc. CXAI got a boost, shooting 31% to $8.25.
  • The Aaron's Company, Inc. AAN shares were also up, gaining 23% to $12.60 after the company reported Q1 results and updated full-year guidance.
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  • Equities Trading DOWN

  • First Republic Bank FRC shares dropped 29% to $11.41 after the company announced a decline in deposits for the first quarter and said it will reduce its workforce by 20-25%.
  • Shares of Tenable Holdings, Inc. TENB were down 21% to $35.65. Tenable reported better-than-expected first-quarter results but issued revenue guidance below analyst estimates.
  • MAIA Biotechnology, Inc. MAIA was down, falling 20% to $2.17 after the company reported pricing of an underwritten public offering of 2,222,200 shares at $2.25 per share.
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  • Commodities

  • In commodity news, oil traded down 1.4% to $77.66 while gold traded down 0.2% at $1,996.20.

Silver traded down 1.5% to $24.94 on Tuesday while copper fell 2.6% to $3.85.

 

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 fell 0.3%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1.2%. The German DAX rose 0.1%, French CAC 40 fell 0.6% and Italy’s FTSE MIB Index fell 0.9%.

Producer prices in Spain dropped 1% year-over-year in March versus a revised 8% increase in February.

 

Asia Pacific Markets

Asian markets closed mixed on Tuesday, with Japan’s Nikkei 225 gaining 0.09%, Hong Kong’s Hang Seng Index falling 1.71% and China’s Shanghai Composite Index declining 0.32%. India’s S&P BSE Sensex rose 0.3%.

Hong Kong’s trade deficit widened to $40.6 billion in March from $37.3 billion in the year-ago month. Year-on-year, exports declined 1.5% to $367.2 billion.

 

Economics

  • The S&P CoreLogic Case-Shiller 20-city home price index rose 0.4% year-over-year in February, recording the smallest growth since 2012, and versus a 2.6% increase in January.
  • US house price index climbed by 0.5% from a month ago in February, the FHFA said.
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  •  
  • COVID-19 Update

  • The U.S. has the highest number of coronavirus cases and deaths in the world, reporting a total of 106,580,790 cases with around 1,159,310 deaths. India confirmed a total of at least 44,905,820 cases and 531,360 deaths, while France reported over 39,951,430 COVID-19 cases with 166,280 deaths. In total, there were at least 686,587,930 cases of COVID-19 worldwide with more than 6,860,230 deaths.
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